GAZ-SYSTEM acquires Gas Storage Poland
On 14 March 2024, GAZ-SYSTEM entered into a conditional sale agreement with ORLEN, resulting in the acquisition of 100% of the share capital of Gas Storage Poland, the operator of the natural gas storage system in Poland. The acquisition of the shares is conditional on the merger approval by the Office of Competition and Consumer Protection (UOKiK).
- The takeover by GAZ-SYSTEM of the company that operates the underground gas storage facilities will enhance the oversight of the strategic gas infrastructure in Poland. It will also improve cooperation between the transmission system operator and the storage system operator, which will also translate into greater security of gas supply to consumers and better utilisation of the existing storage capacity and its expansion – said Sławomir Hinc, President of GAZ-SYSTEM.
The sale by ORLEN of its shares in Gas Storage Poland follows from the decision of the President of UOKiK concerning the merger between ORLEN and Polskie Górnictwo Naftowe i Gazownictwo (PGNiG).
Responsibility for gas storage development in the new market model will be assigned to GAZ-SYSTEM, of which the State Treasury is the sole shareholder.
The concentration of tasks related to the functioning of the transmission system, the LNG Terminal and natural gas storage in the hands of a single capital group guarantees that optimised decisions will be taken with respect to the expansion and modernisation of storage facilities, taking into account the needs of both systems and gas market participants, as well as ensuring optimal financing and comprehensive implementation of investment projects.
Moreover, GAZ-SYSTEM and Gas Storage Poland, by functioning within one capital group, will be able to more effectively ensure the integrity of the gas transmission system in the event of any crisis situations.
